Regardless of the mode of delivery, represent a guide to the
relative teaching time and student effort required to
successfully achieve a particular competency/module. This may
include not only scheduled classes or workplace visits but also
the amount of effort required to undertake, evaluate and
complete all assessment requirements, including any
non-classroom activities.

Pre-requisites and Co-requisites

This course has no pre-requisites but does have a co-requisite. This course will be completed with course FNSINC401A - Apply principles of professional practice to work in the financial services industry.

Course Description

This unit describes the performance outcomes, skills and knowledge required to develop customer awareness of how the monetary and financial systems and markets operate in Australia, with the aim of enhancing basic consumer financial literacy.

If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFLT502A Facilitate customer awareness of the Australian financial system and markets

Element:

Explain to clients, the function and role of the Reserve Bank of Australia (RBA)

Performance Criteria:

1. The role of the RBA as Australia’s central bank is and differences between the RBA and other banking institutions is communicated to the customer
2. The importance and effect of the RBA’s monetary policy on the Australian economy and consumer’s personal finances is explained to the customer in plain language
3. The role of the bank in maintaining financial stability and regulating the Australian Payments System is explained to the customer

Element:

Outline the main features of the Australian financial markets

Performance Criteria:

1. The purpose of financial markets and the major markets within the Australian financial markets are identified and communicated to the customer
2. The role of banks and financial institutions as financial intermediaries is discussed with customer
3. The role and function of the short term money market and types of products it deals in, are outlined in basic language for the customer

Element:

Outline the role of money and Australia's monetary base

Performance Criteria:

1. Society's motivations for holding money and the various functions of money are identified and discussed with the customer
2. The impact of changes in the supply of money is explained to the customer in plain language

Element:

Provide information to the client about regulation of the financial system

Performance Criteria:

1. The role of independent regulation in the financial system and the main regulators of the financial system are identified and their roles discussed with the customer
2. Examples of the protection afforded individuals by the regulators are provided to the customer

Learning Outcomes

Details of Learning Activities

Learning Activities A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered via Blackboard and require access to and use of a variety of course material on hazard identification and assessment.

The collaborative classroom based activities will include discussion on your experiences in hazard identification in your workplace and the experiences of others in the group. Examples of the practical applications within industry will also be discussed.

You are expected to participate and contribute in all scheduled learning activities including completion of tutorial exercises consisting of practical problems, short answer questions and case studies.

Teaching Schedule

Weeks

Topics

Assessments

1

Familiarisation with Course, Blackboard, Course requirements; Overview of assessment requirements
Where to get support, Student responsibilities.

Introduction to the Australian Financial System:
- Structure and role of the Financial System
- Main Participants in the Financial System

2

- Types of Financial Markets
- Products and Instruments

Task 1 – Introductory assessment task – Due.
You will receive the feedback in week 3. If required, resubmission for this assessment is due by the end of week 4.

3

Definition of money; Measuring Money Supply and its importance

4

Money and economic activity; The Quantity Theory of Exchange and the Credit Creation Process

5

The Role and function of the Reserve Bank of Australia

6

The conduct of monetary policy

7

Intro to Prudential Supervision:
- The role and Function of APRA
- Liquidity and Capital Adequacy

8

Review of weeks 1 to 7

9

Assessment: Class test

Task 2 - You will receive the feedback in week 11. If required, resubmission for this assessment is scheduled for week 16.

10

Key features of the Financial Services Reform Act and the Impact on Financial Markets

11

Markets; Key features of ASIC’s regulatory guides and the impact on Financial Markets

12

Key features of the Uniform Consumer Credit code; recent credit and credit card reforms. Banking code of Conduct; recent reforms to Australian banking

13

Key features of the Privacy Act and the Impact on Financial Markets

14

Job application: role of CV, cover letter and job application

15

Individual Assignment

16

Individual assignment due

Task 3 Due - You will receive the feedback by end of week 17. If required, resubmission for this assessment is due by Friday 15th June.

Learning Resources All relevant learning resources will be placed on the online learning hub (http://www.rmit.edu.au/learninghub). Students will need to access this site on a weekly basis, print off materials, and bring them to class.

Overview of Assessment

Assessment may incorporate a variety of methods including written tests, a group assignment and final assessment.

Tests are closed book and consist of multiple choice, practical exercises and short answer questions.

The group assignment requires students to research the role and function of a financial institution or a major contemporary issue relating to the financial system and of concern to consumers.

The final assessment may be included in the group assessment or in some cases may be an individual assignment.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.

Assessment Tasks

Critical aspects of assessment Evidence of the ability to:
• develop customer awareness of the features and roles of the participants within the Australian financial system and markets
• translate complex information into plain language that may be understood by a variety of people with minimal financial market knowledge.

Assessment Tasks You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.

TASK 1 (Due Date: End of week 2) An assessment task consisting of a short answer question covering the purpose of financial markets and the major markets within the Australian financial markets.

TASK 2 (Schedules in Week 9) Class Test. A 1 hour 30 minutes closed book test covering elements 1 to 4. It will consist of short answer and case-study questions.

TASK 3 (Due end of week 16) Individual Assignment: An individual assignment requiring students to conduct research into the financial system and the regulation of the financial system.

Assessment Matrix

Other Information

Overview of Assessment Students must demonstrate an understanding of all elements of competency to be deemed competent. A range of assessment methods are used to assess practical skills and knowledge and the performance criteria of the unit.

Marking Guide (Grading) After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.
The grading is according to the following criteria:

LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK

We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in developing an understanding of the required knowledge of the role of financial institutions and markets in Australia and communicating this in the required assessment tasks.

DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING You are required to demonstrate depth of understanding of the key concepts and knowledge of the role of Australian financial institutions and markets and to communicate this in answers to case-study and short answer questions in the class test and by means of a report in the assignment.

TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING This requires the appropriate use of technology to undertake basic research to complete the assignment and to communicate role of financial institutions and markets to customers.

WORK ORGANISATION, PLANNING AND SELF MANAGEMENT You are required to plan and manage your time in order to complete assessment tasks. This will require you to revise the required knowledge of the unit for the class test and to plan and manage your time to complete the assignment.

COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK You are required to contribute to class discussions and demonstrate a very good understanding of the role of financial institutions and markets. Additionally, you are required to communicate this knowledge to customers in clear and concise language.